An important development occurred Monday, with Israel and Hamas set to extend the temporary truce for an additional two day.

This extension comes after the implementation of the fourth day of the truce agreement, which saw the release of 11 Israeli hostages held by Hamas in exchange for 33 Palestinian prisoners held in Israeli jails. The agreement has been supported by key regional players, including Qatar and Egypt.

Following this announcement, U.S. Secretary of State Antony Blinken had a conversation with the Prime Minister of Qatar, during which he expressed appreciation for Qatar’s role in mediating between Israel and Hamas. Qatar’s mediation efforts were instrumental in achieving the extension of the humanitarian pause in Gaza.

Prime Minister and Minister of Foreign Affairs Receives Call from US Secretary of State#MOFAQatar pic.twitter.com/4Whwq13nfD
— Ministry of Foreign Affairs – Qatar (@MofaQatar_EN) November 27, 2023

Although Hamas has made the announcement, Israel has not yet officially confirmed the extension of the truce, as CNN reported. However, Mark Regev, a senior adviser to Israel’s prime minister, has confirmed the existence of an agreement. Under the terms of this agreement, Hamas has committed to releasing 10 Israeli hostages each day in exchange for extensions of the truce.
President Joe Biden has welcomed the two-day extension of the truce and highlighted the ongoing involvement of the United States in mediating and facilitating diplomatic efforts to maintain the ceasefire.

I have consistently pressed for a pause in the fighting to accelerate and expand the humanitarian assistance going into Gaza and facilitate the release of hostages.

I remain in contact with leaders of Qatar, Egypt, and Israel to make sure every aspect of the deal is implemented.
— President Biden (@POTUS) November 27, 2023

“Trite as it may sound, I wish for world peace,” commented Elon Musk, CEO of Tesla, on X. This statement followed his visit to an Israeli kibbutz that had been targeted by Hamas attacks on Oct. 7. Musk also engaged in a one-on-one discussion with Israeli Prime Minister Benjamin Netanyahu. Israeli officials announced that Musk’s Starlink service will only operate in Gaza with the approval of the Israeli government.

Elon Musk and the Israeli Prime Minister walked around the ruins of the Israeli kibbutz of Kfar Aza. As Israel hosted Musk, saying it had reached an agreement in principle for using his SpaceX company's Starlink communications in the Gaza Strip https://t.co/mc39hYLQ4M pic.twitter.com/FCpRw5zWn3
— Reuters (@Reuters) November 27, 2023

The UN Secretary-General Antonio Guterres has expressed hope that the extension will allow for an increase in humanitarian aid to the people of Gaza, who are facing considerable suffering due to the conflict. However, he has also acknowledged that even with this additional pause in the fighting, it may still be impossible to meet all the needs of the Palestinian population in Gaza.
As CNN reported, there are logistical complexities in the hostage situation, as it has been revealed that not all the approximately 240 individuals taken into Gaza during the Oct. 7 attack are currently being held by Hamas. Some of these hostages are held by groups other than Hamas, such as the Palestinian Islamic Jihad, adding a layer of complexity to the negotiations. From a strategic perspective, Hamas may seek to escalate its demands in future negotiations, potentially asking for longer truce periods or the release of a greater number of Palestinian prisoners.
Qatari Prime Minister Mohammed bin Abdulrahman Al-Thani, who played a key role in facilitating the initial agreement, informed the Financial Times that any extension of the conflict depends on Hamas’ ability to locate additional hostages.

Market reactions: The iShares MSCI Israel ETF (NYSE:EIS) rose 0.5% Monday, closing at the highest level since early October, thus more than offsetting all losses incurred post Hamas’ attacks. Cathie Wood’s ARK Israel Innovative Technology ETF (NYSE:IZRL) tilted 0.2% higher, closing at the highest value since Oct.6.

Monday’s best performers among U.S.-listed Israeli tech stocks included AutoCodes Ltd. (NASDAQ:AUDC), Cognyte Software Inc. (NASDAQ:CGNT) and Teva Pharmaceuticals Ltd. (NYSE:TEVA), up 4%, 3.9% and 3.4% respectively.

Read now: Cyber Monday Deals On Wall Street: 9 Tech Stocks Trading At 40%+ Discount from Analyst Expectations

Photo: Shutterstock

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